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New investors strain online brokerages: J D Power

New investors strain online brokerages: J.D. Power Account openings at online brokerages have skyrocketed, but the number of problems cited by customers have doubled during the past year. April 28, 2021 3 MINS Financial advisers are not alone in struggling to meet their clientele’s heightened expectations around customer experience. Online brokerages, too, are trying to smooth the bumps following the recent explosion of new users moving to online investing platforms.  More than 10 million new brokerage accounts opened in 2020 as a surge of new retail investors entering the markets via online platforms skyrocketed during the pandemic, according the J.D. Power 2021 U.S. Self-Directed Investor Satisfaction study released Tuesday. 

Morgan Stanley sells ETrade custody business in $55 million deal

Morgan Stanley sells ETrade’s custody business in $55 million deal CEO James Gorman never could muster much enthusiasm for ETrade Advisor Services, which would have been a direct competitor to the bank s 16,000 financial advisers. April 20, 2021 After failing to muster much enthusiasm for ETrade Financial Corp.’s small but promising RIA custody business, James Gorman, CEO of Morgan Stanley, decided to unload it, agreeing on Tuesday to sell ETrade Advisor Services for $55 million in cash. In 2017, ETrade acquired the RIA custody business through the purchase of Trust Company of America for $275 million in cash. The buyer is Axos Financial Inc., parent of Axos bank, which is trying to grow its Axos Clearing business. ETrade Advisor Services does custody of client accounts for 200 registered investment advisers with $23 billion in assets and $1.2 billion in client cash.

Morgan Stanley will reach $10 trillion in AUM: Gorman

Morgan Stanley targets $10 trillion in AUM: Gorman The wirehouse reported new records for net new assets of $105 billion, up 43% from the end of December and an increase of 183% from the same period a year earlier. My target is $10 trillion of money under management, said CEO James Gorman. I ve told the team internally, they hate that. April 16, 2021 Fresh off a record quarter in wealth management and the completed acquisitions of Eaton Vance and ETrade Financial Corp., Morgan Stanley’s CEO James Gorman was particularly ebullient about the firm’s future Friday morning during an earnings call with analysts. Morgan Stanley would at some point in the future amass $10 trillion in client assets, he said, or a bit less than double the $5.6 trillion it currently has under its expanding wealth management and investment management business lines.

A traditional Wall Street advantage is suddenly being threatened

A traditional Wall Street advantage is suddenly being threatened
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earnings outlook: Will the 2021 earnings bonanza really happen?

earnings outlook: Will the 2021 earnings bonanza really happen?
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